Naira appreciates in parallel market, steadies for 3 day

The naira has continued to appreciate in the parallel market in the last three days even as it maintained consistency in the official market. According to Aboki FX, the naira maintained its consistency even as it appreciated marginally against the United States dollar. For instance, while the market closed at N1140, on Monday at the […]

‘Nigeria needs strong macroeconomic indicators for stable growth’ – U.S. Deputy Treasury Secretary, Adewale ‘Wally’ Adeyemo

By Geoff Iyatse and Tobi Awodipe The United States Deputy Treasury Secretary, Adewale ‘Wally’ Adeyemo, said a stable naira and strong microeconomic outlook are critical to achieving sustainable economic growth. Adeyemo, who is the most senior official of African descent in President Joe Biden’s administration, said this yesterday during a media interaction in Lagos. Whereas […]

Why labour suspended strike after meeting Mr. Tinubu – TUC president Osifo

By Oluyemi Ogunseyin NLC and TUC led, during a protest against Subsidy removal and other issues on Wednesday. The Trade Union Congress (TUC ) president, Comrade Festus Osifo, said that the federal government has promised that plans are in place to address their grievances within the next week. Osifo made this known during an interview […]

Naira hits new low at N820/$, as forex supply gap persists

By Babajide Komolafe, Economy Editor & Elizabeth Adegbesan At the backdrop of sustained supply gap in Nigeria’s foreign exchange (forex) market, the local currency, Naira, has hit a new low at the weekend, trading N803.9 to a dollar in the Investors & Exporters (I&E) window which is the official forex market and N822/$ in the […]

CBN announces Naira remittances payout option

• Money Transfer Operators to use I & E Window rate The Central Bank of Nigeria (CBN) has directed International Money Transfer Operators to commence remittances payout in Naira to beneficiaries. It has also directed that the Investors’ and Exporters’ Window foreign exchange rate should be used in determining the rate for such Naira payout. […]

Naira drops further at investors, exporters window

Naira drops further at investors, exporters window The Naira on Tuesday dropped further, exchanges for N763 against the dollar at the Investors and Exporters window. The Naira depreciated by 0.67 per cent when compared with N768.17 for which it exchanged for the dollar at the close of business on Monday. The open indicative rate closed […]

Naira depreciates to N770.38/$ as demand pressure hits I&E

By Babajide Komolafe & Elizabeth Adegbesan The Naira yesterday depreciated by 16 per cent to N770.38 per dollar in the Investors and Exporters (I&E) window following a surge in demand for dollars worsened by acute supply shortage. Data from the FMDQ showed that the indicative exchange rate for the window rose to N770.38 5 per […]

Naira begins new week on negative note

Naira on Monday depreciated against the dollar, exchanging at N463.50 at the Investors and Exporters window. The local currency decreased by 0.11 per cent as against N463 it exchanged for the dollar at the close of business on May 19. The open indicative rate closed at N463.50 to the dollar on Monday. An exchange rate […]

Why naira scarcity won’t end soon

By Geoff Iyatse, Collins Olayinka, Joseph Chibueze and Anthony Otaru (Abuja) • Currency In Circulation To GDP Ratio Falls From 1.63% To 0.49% In Two Months • Scarcity’ll Contract GDP Up To 0.5% In Q2, FG Warned • No Bank Can Meet 50% Of Customers’ Cash Needs — Managers • CBN Must Increase Cash Circulation […]

Both old and new notes are now legal tender – CBN Official

Both old and new notes are now legal tender – CBN Official By Olugbenga Ige The Spokesman of the Central Bank of Nigeria (CBN), Isa Abdulmumin, has said both the old and new naira notes are now legal tender following the new directive of the Supreme Court. According to Abdulmumin, banks have begun to issue […]

YCE, Yoruba Ronu disagree on alleged disgrace of monarchs by Obasanjo


YCE, Yoruba Ronu disagree on alleged disgrace of monarchs by Obasanjo


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November 2023

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